How to model medical cloth wrapping?
Here is a way to do it:

step 1: get a plane parallel to what you want to wrap.

step 2: extrude the plane around the object

step 3: Add a solidify modifier

step 4: Add a loop that runs across all the faces and pull it inwards using Alt+s

step 5: Add extra support loops

step 6: Set every face to smooth shading and add a subdivision surface modifier